The oilfield has historically been a place where brawny men, and mighty machines came together to bore holes deeply into the earth to wrest stores of oil and gas from the depths. This model, which developed over many decades of exploration and production activity carried huge costs, particularly as the focus of this activity moved into more and more inaccessible regions. The current oil crash and resultant industry consolidation, began in 2014, and continues to this day. Downturns are nothing new to this industry. The difference this time is the longevity and severity of this downturn has kept any real recovery from taking place in the broader industry. Companies have been forced into retrenchment after retrenchment in both the operating and service industry.

Energy giant, Halliburton, (NYSE: HAL) reported results last week, and largely surprised analysts with their ability to cut costs and generate Free Cash Flow, in a constantly shrinking market. What escaped much notice in the conference call after the earnings release, was the direction that Halliburton CEO, Jeff Miller sees shaping up for the oilfield of the future. In this article we will take a look at some of the key manifestations of this change.

Click here to read the full article.

Source: Oil Price